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To: Bobby Yellin who wrote (4865)	12/28/1997 9:20:00 PM
From: Richnorth	Read Replies (1) \| Respond to of 116762

washingtonpost.com

To: Bobby Yellin who wrote (4865)	12/28/1997 9:32:00 PM
From: PaulM	Read Replies (3) \| Respond to of 116762

Bobby, I mean selling $US. Japan has a huge current account surplus. Apart from the treasuries. I'm not sure what you mean about the IMF. An outside bailout--like the IMF--is likely the only thing that will save S Korea from bankruptcy. Inflating won't do it. Inlating will take care of DOMESTIC debt. But FOREIGN debt, denominated in FOREIGN currency is another matter. S. Kore can't make foreign currency. And each time S. Korea inflates, the won is likely to lose that much more gound relative to other currencies, making their foreign debt that much more difficult to pay off. This process can continue on to an infinite (not exactly) number of won without taking care of S. Korea's foreign debt problems. And unfortunately for S. Korea, its citizens pay taxes in won. Nothing else.